Hmm. Mine actually says that too on the "tell me more" button. But my countdown is ticking down inside two hours and I have the team avatars also on a countdown. If I didn't have the MVP edition and had standard instead, it wouldn't be unlocking in two hours.
Everything other than the avatars in the MVP edition is entitlements inside the game, so you won't be able to check those until midnight EST.
In short, I wouldn't worry as long as you've got the game downloaded and you're now seeing a countdown clock for The Show 20 on your PS4 home screen. If you're really concerned about it, go into your account information>profile>avatar and see if the Show 20 avatars are selectable. I just changed mine to test it out, and they are active without having to wait for midnight.
I've gone digital for the last 4 years of the Show, and every time I've had the game downloaded with the clock counting down, it's been ready to go right at launch.